Stocks to watch: Shares of firms like Raymond, Dr Reddy’s, Apollo Tyres, Nazara Tech, SpiceJet, and others will be in focus on Wednesday’s trade.
Stocks to Watch Today: The May futures contract of Nifty 50 on the Singapore Exchange indicates a positive/negative start for domestic equities. The contract was trading at 18,346.50, up 35.5 points or 0.19% from the previous close.
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Results Today:
Larsen & Toubro, Dr Reddy’s Laboratories, Godrej Consumer Products, Bosch, Procter & Gamble Hygiene, Escorts Kubota, Sanofi India, and Max Financial Services, and several others are scheduled to release their March quarter earnings today.
Mankind Pharma: The pharmaceutical major’s shares listed on the bourses with a 20% gain over the issue price of Rs 1,080. Mankind Pharma ended its first session on the stock exchanges with a hike of 32% at the day’s high.
Birla Corporation: Birla Corporation reported a 23.52% decline in consolidated net profit to Rs 84.95 crore in the fourth quarter ended March 2023. It had posted a net profit of Rs 111.08 crore in the year-ago period.
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Raymond: Raymond’s net profit for Q4FY23 dropped by 26.2% at Rs 194.35 crore from Rs 263 crore on-year. The firm’s revenue from operations clocked in at Rs 2,150.18 crore, up 9.8% from Rs 1,958.10 crore in the fourth quarter of FY22. The firm is to raise Rs 2,200 crore by issuing NCDs.
Apollo Tyres: Apollo Tyres reported 276.73% rise in consolidated net profit to Rs 427.4 crore. Revenue from operations increased 12% on-year to Rs 6,247 crore. The company’s board of directors recommended a final dividend of Rs 4 per share, along with a special dividend of Rs 0.50 per share.
Lupin: Lupin’s revenue for the quarter ended March 2023 was Rs 4,430.08 on-year, a gain of 14.09%. The company reported a net profit of Rs 235.96 crore compared to a net loss of Rs 517.98 crore in the corresponding quarter last year. The board of directors recommended a dividend of Rs 4 for all equity shares with the face value Rs 2 each.
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Nazara Technologies: Nazara Technologies acquired 19.50% of Next Wave Multimedia, an existing subsidiary. Nextwave is a Chennai based mobile gaming company predominantly focusing on developing mobile games in the sports genre. The total consideration for the deal with Rs 15 crore. The gaming firm reported a revenue of Rs 1,091.0 crore for FY23, up 75% from Rs 621.7 crore on-year.
Larsen & Toubro: The company will release its March quarter earnings today. Analysts expect a double-digit growth in both the topline and the bottomline on the back of healthy execution and strong order book. The management’s guidance for sales and order inflow growth for FY24 will be closely tracked by Dalal Street investors. Besides, the status of non-core assets like Nabha power, metro ridership and financial assistance will be other key monitorables.
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SpiceJet: Lessors have approached aviation regulator DGCA for deregistration of three planes of the airline. Many aircraft of the budget carrier are grounded due to various reasons.
Gujarat Gas: The company’s board is scheduled to meet today to consider and approve the earnings for the quarter and the year-ended March, and recommend dividend payout.
